Morocco, South Korea set up business council

Moroccan and South Korean economic operators on Tuesday set a business council that will take care of promoting partnership projects between them.

The accord on the council creation was initialed by Korean external trade minister Hwang Doo-Yun, and head of the Moroccan industrial federation (CGEM), Hassan Chami.

The creation of the council is an additional proof of Morocco's interest in developing partnership with Korea, Moroccan industry, trade, energy and mining minister, Mustapha Mansouri, said at the signing ceremony.

The council will be a sound frame for the two countries businessmen to exchange views on issues of common concern and on means to upgrade business cooperation which do not reflect Morocco and South Korea's economic potentials, he added.

Despite a tangible rise in the few past years, trade between the two countries did not exceed $ 130 million in 2000.

For his part, the Korean official said Korean investors are ready to pour more investment, especially in Morocco's new technologies, car making and tourism.

The Korean business delegation had already conferred with Moroccan peers and with officials, including economy, finance, privatization and tourism minister, Fathallah Oualalou, and foreign affairs and cooperation minister, Mohamed Benaissa.

Talks focused on means to hoist the economic and commercial cooperation to the level of political ties set up by Morocco and Korea since 1962.

The Korean external minister was also received by King Mohammed VI.